Real Estate Investment Strategies

Commercial The investments in this section are presented for illustrative purposes only, as a general example of the type of investments that may be acquired by BRAVO III as well as PIMCO's unique capabilities in sourcing, modeling and managing such investments. BRAVO III does not own any of these investments, and may invest significantly in asset types not referred to in these examples. There can be no guarantee that BRAVO III will have access to comparable investments, or that PIMCO will utilize similar strategies or techniques in connection with BRAVO III investments. In addition, the investments referred to in this section may be unrealized or partially realized, and actual returns may vary significantly; there can be no assurance that PIMCO's projections or forecasts for such investments will prove accurate. Descriptions of transactions and capital structures provided herein have been simplified for illustrative purposes. This information should not be considered as investment advice or a recommendation of any particular investment, strategy or investment product (including BRAVO III), or as an indication that any particular strategy or investment product (including BRAVO III) will invest in these or similar instruments. The information presented herein is as of a specific date, may have changed since such time and is subject to future change. Such information should not be considered as an indication of the actual or potential returns of any particular strategy or investment product (or their respective investments). See the Appendix hereto, including the heading "Sample Investments", for additional information. PIMCO 12 12

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